All Topics / Help Needed! / Rental developing question for those with rentals

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of kdhnkdhn
    Member
    @kdhn
    Join Date: 2005
    Post Count: 68

    Hi guys.
    My new place has an old dairy on it l want to turn into a rental .
    lt could make either a 2 flat duplex style rental or we could turn it into just one house , or we could even turn it into a 3 smaller overnight type accomodation set up . We are 10 min’s out of a very high tourist spot but l don’t know whether the 10 min’s out bit would ruin that idea ?
    Wondering which would be the most reliable / steadiest .
    The 2 flat duplex would bring in more than just the one house but we’d need two steady tenants .
    The over night thing , would bring in the most [ if we got customers ] but there is alot of those around already and b&bs , all types .
    Just one house cabin type set up we feel would be the steadiest and you only need one good tenant , but wouldn’t bring in as much as either of the other two , providing you got customers that is .
    We’re just wondering if there was any rule of thumb on any paticular type of rental that tends to be the most dependable or ?
    Cheers .
    Mkc

    Profile photo of fernfurnfernfurn
    Member
    @fernfurn
    Join Date: 2005
    Post Count: 139

    Just gut feeling (no stats to back it up), I would go for the 2 flat duplex. It wouldnt cost much more to build and I would be thinking steady rental from the people who come into town for jobs serving the tourists. With B&Bs yes there are a lot (converted dairy charm factor is good) but they seem to charge a fortune and can you get steady occupancy. Miss a couple of weeks through the dead season and you still have to pay the bank. My .02 worth.

    Fern

    Profile photo of mapleleafmapleleaf
    Member
    @mapleleaf
    Join Date: 2005
    Post Count: 51

    My husband and I stayed at spot in Canada that might give you another optoin….It was a camground that was set up on the land of an old farm a short drive from the town. There was a house insitu where the owners lived and the only other structure was a bathroom block. It was awsome value for us as travellers and low admin for the owners…

    So if you wanted to go the 3 accommodation units, you could have one of these occupied by a manager that would also run the campsite with a discount in rent etc…You would obviously have to check the leaglities with Council regarding the campground…

    Just another way to cash in on the tourism….

    From a happy traveller,

    Mapleleaf

    Achieve the Dream!

    Profile photo of kdhnkdhn
    Member
    @kdhn
    Join Date: 2005
    Post Count: 68

    Thanks for the imput guys.
    Wish it was in Byron , old dairy anything goes like hot cakes there.
    The camping thing . Great idea if it was a more camping type of landscape , l’d hate to go through the permits and regulations you’d need in OZ though . l wish all the other overnight places here weren’t so cagey but l can’t get info out of them .
    Big believer in gut feelngs though Fern . The only worry we had with a duplex was that it’s normal in a suburb but being so close might turn people of on an acerage situation , it’s a tough call .
    Kingdom [ if l had one ] for a crystal bowl .
    Cheers
    Mkc
    PS . Wonder if there’s places you can get stats for an area on things like this ?

    Profile photo of XeniaXenia
    Member
    @xenia
    Join Date: 2002
    Post Count: 1,231

    what would the resale value be on a structure that was built on your block, if it didn’t work out as a rental and you had to sell, could you get some money back on it!

    always consider contingencies! anything could happen!

    We buy properties in Adelaide. No Agent Fees.
    [email protected]
    INCREASE THE CASH FLOW FROM YOUR INVESTMENT PROPERTIES!
    http://www.renttoownau.com/ http://www.vendorfinanceau.com/

    Profile photo of kdhnkdhn
    Member
    @kdhn
    Join Date: 2005
    Post Count: 68

    Hi Dr X.
    That’s abit the catch , l doubt l could get an approval to subdevide the old dairy to sell it unfortunately so whatever l turn it into l’m stuck with . Wish l could with it turned into a livable building probly be worth 300 l guess because that parts got sea views.

    Cheers

    Profile photo of JarrahJarrah
    Member
    @jarrah
    Join Date: 2005
    Post Count: 99

    Mkc i would love to give you a hand i have a great relationship with a ton of the B+B’s around Vic and consulted to heaps of property developers and the like, the list goes on and on…

    Best mate and his wife are proffesionals in 5 star accomodation management and marketing…

    Besides the fact i have lived in about 100 houses all over Aus and OS…

    Drop a line if you would like to shoot around some ideas, we could get a thread going on it mate?

    “ask and you shall recieve”

    Sincerely, Jarrah

    ++CASH FLOW PROPERTY HUNTER
    (your not hunting if your not hungry)

    [email protected]
    Climbing & Consulting
    Arboricultural Services
    0431433288
    http://friendlyfarms.org.au/
    “be ye angels?”,
    “nay we are but MEN!”

    Profile photo of JarrahJarrah
    Member
    @jarrah
    Join Date: 2005
    Post Count: 99

    Mkc i would love to give you a hand i have a great relationship with a ton of the B+B’s around Vic and consulted to heaps of property developers and the like, the list goes on and on…

    Best mate and his wife are proffesionals in 5 star accomodation management and marketing…

    Besides the fact i have lived in about 100 houses all over Aus and OS…

    Drop a line if you would like to shoot around some ideas, we could get a thread going on it mate?

    “ask and you shall recieve”

    Sincerely, Jarrah

    ++CASH FLOW PROPERTY HUNTER
    (your not hunting if your not hungry)

    [email protected]
    Climbing & Consulting
    Arboricultural Services
    0431433288
    http://friendlyfarms.org.au/
    “be ye angels?”,
    “nay we are but MEN!”

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